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Credit Report and Consumer Proposals

Hello, I filed a 5 year consumer proposal in 2004 and I am hoping to pay it off early. I recently obtained a secured Mastercard and decided to see my Equifax credit report. My FICO score is 642 right now. There are a few things on this report that do make me a little uneasy. Both CIBC and Sears (who were included in my Proposal) have an amount listed in the “past due” column, CIBC states $1.084.00 and Sears has $451.00 listed has past due. The other credits that were included in my proposal do not have any amount noted as past due. Is this anything to be concerned about once my proposalis paid off?? Also I noticed Sears made a “soft” inquiry in February of this year to my credit file. Is this anything to worry about as well??? If you can provide anything insite, that would be great. Thanks!!!

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One Response to “Credit Report and Consumer Proposals”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

It sounds like CIBC and Sears haven’t reported to the credit bureau that you have filed a proposal. This is normal, often the creditors are much quicker to report negative information than positive. Realistically, it probably doesn’t make a huge difference as long as when the proposal is finished you send the credit bureau a copy of your Certificate of Completion to verify that the proposal was done and you are cleared from this debt. As for the Soft inquiry by sears, I have no idea why this would be done, but I don’t see any reason to be to concerned.